In a move that sees the Navy partnering with private equity and private industry, the Alabama Shipyard site in Mobile, Ala., has been acquired by the United Submarine Alliance (USA) Qualified Opportunity
Great Lakes bulker operator Rand Logistics Inc. has acquired Muskegon, Mich.-based Andrie LLC , from Auxo Investment Partners. Financial terms of the transaction were not disclosed. Andrie is a bulk transporter of
Ship management giant V.Group is to get new private equity ownership. London-based Star Capital says that its Star IV fund is leading a consortium of investors that includes DEME‘s majority owner, Ackermans
Cardiff, Wales, based vessel inspection specialist Idwal Marine Services has become a portfolio company of LDC, the private equity arm of the U.K.’s Lloyds Banking Group. With an extensive surveyor network, Idwal
In the past year, the tug and barge industry has seen one of its biggest names wind up in a bankruptcy case that’s been anything but a neatly prepackaged restructuring. Others have
The Carlyle Group (NASDAQ: CG) and private equity firm Stellex Capital Management have reached announced a definitive agreement to acquire and merge Portland, Ore., headquartered Vigor Industrial LLC and Norfolk, Va., based
SEA-Vista is a partnership between SEACOR Holdings Inc. and private equity firm Avista Capital Partners. Its ships will be operated by SEACOR subsidiary Seabulk Tankers, Inc.
The Independence is a 610-foot, 50,000 deadweight-ton, and LNG-conversion-ready Jones Act product tanker with a 330,000 barrel cargo capacity. Construction on the ship began in November 2014.
As part of the ceremony, the ship’s sponsor, Mrs. Allison Moran, CEO of RaceTrac Petroleum, christened the ship with a traditional champagne bottle break over the ship’s hull. Mrs. Jayne Rathburn, former CEO/owner of US Joiner, pulled the trigger to release the ship into the San Diego Bay.
“General Dynamics NASSCO shipbuilders are revolutionizing the future of American shipping with the concept and construction of innovative, cost-saving, and environmentally-sound vessels,” said Kevin Graney, vice president and general manager for General Dynamics NASSCO. “When delivered, these ECO Class, Jones Act-qualified tankers will be among the most fuel-efficient and environmentally-friendly tankers anywhere in the world.”
“We are pleased to complete this important milestone for the first in a series of three fuel-efficient, ECO Jones Act product tankers that will be delivering into the SEA-Vista fleet and operated by Seabulk Tankers, Inc,” said Daniel J. Thorogood, president and chief operating officer for Seabulk Tankers, Inc.
For its commercial work, NASSCO partners with South Korea’s Daewoo Shipbuilding & Marine Engineering (DSME), for access to state-of-the-art ship design and shipbuilding technologies.
OCTOBER 24, 2014 — Houston headquartered Genesis Energy, L.P. (NYSE: GEL) reports that it has agreed to acquire for approximately $157 million the M/T American Phoenix from Mid Ocean Tanker Company (MOTC)
JUNE 30, 2014 — Overall confidence levels in the shipping industry fell slightly during the three-month period to May 2014 but remain at their second-highest level for the past six years. The
MAY 16, 2015 — Here’s another example of private equity investing in newbuilding opportunities. Norway’s Odfjell SE reports that it has entered into an agreement with affiliates of Breakwater Capital and Oak
